Health Supplements Market Overview: Key Players and Trends
What is a Health Supplement?
A health supplement is a product taken to enhance one's diet. Derived from natural sources, health supplements support the body’s functions. Unlike food, they are not sterilized or injectable but form part of a meal. However, concerns over unverified health claims by some companies have led to consumer skepticism. It's essential to verify the product and its absorption rate before purchasing.
Competitive Landscape
Key players in the global health supplement OEM and ODM market include:
- Nutraceutics
- Nu Skin Enterprises
- GlaxoSmithKline
- Bio-Botanica Inc.
- Plantafood Medical GmBH
- Capstone Nutrition
- Pure Encapsulations
- American Health
- Glanbia
- Pfizer
- Herbalife Nutrition
- Amway
Key Market Drivers
Chronic illnesses like diabetes are expected to fuel the growth of the global health supplementary food market. For instance, according to the International Diabetes Federation, around 463 million adults globally were diagnosed with diabetes in 2019. Proper labeling and transparency are crucial to ensuring consumer trust in health supplements.
COVID-19 Impact Analysis
The COVID-19 pandemic accelerated the demand for health supplements, driven by the increased focus on health and immunity. The rapid spread of infection and associated health concerns have further boosted the market.
Key Takeaways
North America is expected to hold a significant share of the global market due to the prevalence of chronic health issues. According to the NIH, 31% of the U.S. population experiences nutrient deficiencies.
The Asia Pacific region is projected to see substantial growth in the health supplementary market, with the growing presence of pharmaceutical companies. For example, India has over 10,500 drug manufacturing units and 3,000 pharmaceutical companies, according to the Indian Pharmaceutical Association.
Source: Coherent Market Insights
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